IonQ Inc (IONQ) Q1 2024 Earnings Report

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IonQ Inc

IONQ

$52.69 -3.78%

Exchange: NYSE | Sector: Technology | Industry: Computer Hardware

Q1 2024

Published: May 10, 2024

Earnings Highlights

Revenue of $7.58M up 76.9% year-over-year
EPS of $-0.19 decreased by 35.7% from previous year
Gross margin of 55.0%
Net income of -39.59M
""We believe we have identified in excess of $50 million of federal opportunities, not related to system sales."" - Peter Chapman

IONQ

IonQ Inc

Period Q1 2024

Currency USD

Report Type Quarterly Earnings

Generated Dec 8, 2025

Executive Summary

IonQ Inc. reported a strong Q1 2024 performance, achieving revenue of $7.6 million, exceeding management's guidance by approximately 14% and marking the tenth consecutive quarter of revenue outperformance since going public. However, the company continues to experience increasing operating losses, with a net loss of $39.6 million. Despite these losses, management expressed a strong confidence in the future, driven by new production systems in development and an expanding bookings pipeline. The company has raised its bookings guidance to between $75 million and $95 million for 2024, fueled by strong demand and significant opportunities arising post-U.S. federal budget approval.

Key Performance Indicators

Revenue

Increasing

7.58M

QoQ: 24.17% | YoY: 76.94%

Gross Profit

Increasing

4.17M

55.00% margin

QoQ: 41.62% | YoY: 28.29%

Operating Income

Decreasing

-52.88M

QoQ: 2.89% | YoY: -88.69%

Net Income

Decreasing

-39.59M

QoQ: 5.52% | YoY: -44.82%

EPS

Decreasing

-0.19

QoQ: 5.00% | YoY: -35.71%

Revenue Trend

Margin Analysis

Financial Highlights

Revenue Performance: IonQ's Q1 2024 revenue of $7.6 million represents a 76.94% increase year-over-year and a 24.17% increase quarter-over-quarter.
Profitability Metrics: The gross profit margin stands at 55%, driven by increased efficiencies in contract delivery. However, operating expenses reached $60.5 million, indicating a substantial investment in R&D and marketing efforts.
Net Income: The company reported a net loss of $39.6 million with an adjusted EBITDA loss of $27 million, reflecting increased investment in growth dimensions.
Cash Flow Position: IonQ's cash and short-term investments are strong at $375.35 million, providing a solid buffer for continued R&D. Free cash flow remains negative at -$25.36 million, underscoring ongoing capital expenditures necessary for scaling operations.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	7.58M	76.94%	24.17%
Gross Profit	4.17M	28.29%	41.62%
Operating Income	-52.88M	-88.69%	2.89%
Net Income	-39.59M	-44.82%	5.52%
EPS	-0.19	-35.71%	5.00%

Key Financial Ratios

Gross Profit Margin

Good

55.00%

Gross profit margin is healthy and competitive within industry standards

Operating Profit Margin

Weak

-6.97%

Operating margin is below industry norms, profitability concerns

Net Profit Margin

Weak

-5.22%

Net profit margin is below industry norms, profitability concerns

Return on Assets

Weak

-0.07%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

-0.08%

Return on equity suggests inefficient capital allocation

Current Ratio

Strong

11.81

Current ratio indicates excellent liquidity and financial flexibility

Debt to Equity

Conservative

0.03

Debt-to-equity shows conservative leverage and low financial risk

P/E Ratio

Negative

-13.13x

Negative earnings make P/E ratio not meaningful

Price to Book

Premium

4.33x

Trading at premium to book value, reflects strong intangibles or growth

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q4 2024	11.71	-0.95	+91.8%	View
Q3 2024	12.40	-0.24	+102.1%	View
Q2 2024	11.38	-0.18	+106.4%	View
Q1 2024	7.58	-0.19	+76.9%	View
Q4 2023	6.11	-0.20	+60.4%	View

IonQ Inc (IONQ) Q1 2024 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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